Image from Philstar.comThe 150-MW Burgos Wind Project (BWP) of Lopez-led Energy Development Corporation (EDC) has been named the Asia-Pacific Renewables Deal of the Year by Project Finance International (PFI). BWP is the only project in the Philippines that made it to the 2014 PFI honour roll.
The PFI awards, which will take place on February 4, 2015 in London, United Kingdom, is widely considered to be the most prestigious award in the global project finance industry given to projects that achieved innovative deal structuring and execution for the year.
In the PFI newsletter, BWP was cited as a ground breaking project for being the first wind farm project financing in the Philippines to reach financial close. It also noted that EDC achieved financial close despite the absence of an off-take agreement. In the PFI article on BWP, the authors noted that “Financing for the project is a significant achievement by EDC’s project and finance teams, and that developers and banks will welcome this sign of confidence in the Philippines’ renewable sector and its Feed-In-Tariff (FIT) scheme.”